The Canadian Imperial Bank of Commerce has granted a $68m loan to Trinity Place Holdings for the purchase of a multifamily asset in Brooklyn. Meridian Capital Group arranged the funding on behalf of the borrower with a two-year loan which features a floating rate of 3.72 percent over a 30-day LIBOR and full-term interest-only payments. The 12-story building houses 105 units along with 6,200 sq ft of retail anchored by Starbucks. The project includes private outdoor terraces, a landscaped rooftop terrace and a parking garage.
